Month-end close for service businesses

Why services closes are different

Revenue and cost depend on hours worked. If timesheets are late, invoices are late, unbilled work is a guess and project margins are unknown. Many delays at month-end start in delivery, not in finance.

A practical checklist

1. Chase and approve all timesheets and expenses for the period
2. Invoice approved time, milestones and fixed fees
3. Review work done but not yet billed
4. Record supplier invoices and accruals for costs not yet invoiced
5. Post recurring journals and allocations
6. Reconcile bank accounts
7. Record intercompany charges between legal entities
8. Review project margins for anything unexpected
9. Lock the period
10. Produce profit and loss, balance sheet and consolidated results

What makes it faster

• Timesheet approvals during the month, not at the end
• Accounting entries created directly from time, expenses, sales and purchasing
• Locked periods, so last month’s numbers do not move
• Reports that click through to the transactions behind a number

Perspectiv’s Finance area, which is planned, is designed this way: the other areas create the accounting entries, closed periods are locked with audited reopening, and reports drill down to the transactions.

How Perspectiv helps

Labels show what opens first in the private beta (Q2 2027), what is being built now, and what is on the roadmap.

• General ledger & accountingPlanned

  Chart of accounts, journals, multi-entity accounting, intercompany, revenue recognition and period close.

• Time & expenseComing soon

  Timesheets, timers and expenses against the work, approved and ready to invoice.